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  • Writer's pictureReal Finance

Best Finance Tips For Christmas

Updated: May 19, 2022

If you haven’t figured out already, it’s that time of year (**sigh** again) that puts a dent in most people’s wallets. Whether you’re buying gifts for loved ones or spending money on a wonderful festive spread, every dollar adds up (and very quickly).

Each year REIF Finance Specialist's see firsthand how the festive season can affect the finances of Australian’s. Sometimes these financial decisions can hinder financial goals for months after the festive season.

While we understand the importance of giving at Christmas, it needs to be done so strategically. So, in this article we're going to share some financial tips that can support you through the festive season, while not impacting your finances significantly.

Plan your spending

If you haven’t started purchasing what you need to for Christmas already, don’t worry, we’re not going to judge. There’s a very good reason…

It means that you still have a chance to start planning your spending and facilitating your budget, now!

Doing this can help you make logical decisions that support your finances. Not to mention, if you know what you need to buy, it can help you tackle hectic shopping centres much easily.

Planning your spending doesn’t take long at all. All it requires is a basic understanding of your current finances, how much you can ACTUALLY AFFORD to spend, as well as a pen and paper. Once you know how much you can afford to spend, write a list of what you need to buy. This could include; food, gifts, decorations etc. After you've created a list; divvy up your allocated funds amongst what you need to by – and voila!

While this strategy may sound basic, it can put you into a much clearer headspace to make logical decisions.

Be careful with your credit card

Credit cards are risky business when it comes to Christmas spending. In fact, we would strongly encourage avoiding using one to purchase Christmas gifts.

Credit cards can be risky to finances at Christmas
Credit cards can be risky to finances at Christmas

If you need to use a credit card for Christmas spending, make sure that you can afford to pay it off in full when your bill arrives. The interest that you can incur if you delay paying it off will accumulate very quickly and cause a greater financial burden.

Take the time to look for deals

If you plan your spending, you should know what you need to buy. Once you know this, you should start shopping around and looking for deals.

Take some time to research the product you intend to purchase and see which retailer can offer the best deal. At this time of year, many retailers are discounting prices and it’s great to take advantage of it.

Sell stuff to make money

Do you have some old stuff laying around that you have no use for? Having a garage sale can help you to make a little extra cash to put towards purchasing gifts. A bonus is that it can help you to declutter and make room.

Plan for Christmas next year

Planning in advance for Christmas is a great way to be mindful of spending and keeping your finances on track. If you’re currently struggling with your finances in the lead up to Christmas, use this as an opportunity to learn for next year. It can allow you to save accordingly and prepare for times of the year where you can snag the best bargains.

As a rule of thumb, the best times of year to make the most of deals is at the end of the financial year and Black Friday.

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